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Paragon reaches £5 billion deposit milestone for savings accounts

Paragon’s award-winning Savings division has reached £5 billion in deposits, four years after launching its first savings products.

The specialist bank has gone from strength to strength, winning four high-profile consumer awards and becoming a regular in Best Buy tables for UK savers.

Customer deposits are pumped back into the economy by Paragon, to support small businesses and entrepreneurs across the UK through everything from asset finance loans to property development finance that is helping to address the housing shortage.

Richard Doe, Managing Director - Savings at Paragon, said:

This is another milestone for the savings side of the business and we feel honoured that in a short time so many people have trusted us with their savings. We have not only reached £5 billion in deposits but also become a trusted name with consumers who want consistency. That matters to us as a smaller, specialist bank that cares about its customers.

We also feel proud that money from our savings accounts can fund a wide variety of businesses and play a part in supporting Britain’s economy.

Paragon’s savings division in numbers:

  • There was only one week where Paragon did not have any savings product in the top five in its respective segment, according to Moneyfacts data for the 2017 financial year. Across 12 different savings products, Paragon held a No1 rank for 63% of the time.
  • Nearly 34,100 ISAs have been transferred to Paragon since it launched its ISA range in May 2016. Paragon has never lowered the interest rate on its variable rate ISAs.
  • Out of 858 verified Feefo customer reviews, 603 are five-star ratings, 100 are four-star and the average rating is 4.3 out of 5.
  • Strong net promoter score (NPS) of +61 achieved in the past year - a measure of how likely customers are to recommend Paragon.
  • Customer satisfaction levels have been consistently high with 88% of customers either quite or very satisfied with our level of service, and 89% that would consider taking out another savings account with us in future, in the Paragon Bank Savings customer satisfaction survey for year July 2017 to June 2018.
  • 77% of maturing balances have stayed with Paragon when their term product came to an end.

In terms of accolades, this year alone, Paragon was named the Best Monthly Interest Provider 2018 at the Moneynet Awards and the Best Long Term Fixed Rate Cash ISA Provider in the Savings Champion Awards 2018.

02 August 2018

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551